Vanguard Group Inc. Grows Holdings in Magnite, Inc. $MGNI

Vanguard Group Inc. raised its position in Magnite, Inc. (NASDAQ:MGNI) by 1.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,743,521 shares of the company’s stock after buying an additional 138,417 shares during the period. Vanguard Group Inc. owned about 9.72% of Magnite worth $156,814,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. increased its holdings in Magnite by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock valued at $210,000 after buying an additional 836 shares in the last quarter. Perkins Capital Management Inc. increased its holdings in Magnite by 0.9% in the first quarter. Perkins Capital Management Inc. now owns 145,125 shares of the company’s stock valued at $1,656,000 after buying an additional 1,300 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Magnite by 1.2% during the first quarter. Principal Financial Group Inc. now owns 124,547 shares of the company’s stock valued at $1,421,000 after purchasing an additional 1,474 shares in the last quarter. AllSquare Wealth Management LLC lifted its holdings in Magnite by 76.8% during the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock valued at $41,000 after purchasing an additional 1,555 shares in the last quarter. Finally, Smithfield Trust Co lifted its holdings in Magnite by 38.9% during the first quarter. Smithfield Trust Co now owns 5,930 shares of the company’s stock valued at $67,000 after purchasing an additional 1,660 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling at Magnite

In other news, CFO David Day sold 38,146 shares of Magnite stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total transaction of $722,866.70. Following the transaction, the chief financial officer owned 443,528 shares in the company, valued at $8,404,855.60. The trade was a 7.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Katie Seitz Evans sold 35,000 shares of Magnite stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $17.36, for a total value of $607,600.00. Following the transaction, the insider owned 442,788 shares in the company, valued at approximately $7,686,799.68. This represents a 7.33% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,074,216 shares of company stock worth $21,826,361. Corporate insiders own 3.80% of the company’s stock.

Magnite Price Performance

Magnite stock opened at $21.84 on Thursday. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $25.27. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of 75.31, a PEG ratio of 1.50 and a beta of 3.05. The company has a fifty day simple moving average of $22.27 and a 200-day simple moving average of $17.13. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The business had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. During the same quarter in the prior year, the firm earned $0.14 earnings per share. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Analysts Set New Price Targets

MGNI has been the topic of several recent analyst reports. Royal Bank Of Canada increased their price objective on shares of Magnite from $19.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. Wells Fargo & Company increased their price objective on shares of Magnite from $13.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Lake Street Capital decreased their price objective on shares of Magnite from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Susquehanna increased their price objective on shares of Magnite from $22.00 to $28.00 and gave the company a “positive” rating in a report on Thursday, August 7th. Finally, Wall Street Zen raised shares of Magnite from a “hold” rating to a “buy” rating in a report on Sunday, July 13th. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.82.

Magnite Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.